Consumers benefit from connected tires since they are equipped with sensors that make driving safer and more convenient. The sensors capture vital data and information that can be utilized to calculate vertical load in automobiles. The connected Tire transmits data to the car’s infotainment system via sensors, enabling access to information such as Tire pressure, operating condition, and Tire life. The primary roles of the connected tire are to monitor, assess, and display data.
Europe Connected Tires Market Report Scope and Research Methodology:
In simple terms, the market research contains business statistics and analytical insights to offer a complete overview of the market size, market share, growth, trend, demand, top player and industry profile, opportunities, value cycle, end-users, types, and application. The research also contains micro market growth possibilities for stakeholders to invest in, as well as a full analysis of the competitive environment and important competitors’ product offerings. The research also offers an in-depth study of the industry’s top players, as well as their financial standing in the Europe Connected Tires market.
The qualitative and quantitative data supplied in a market study assists decision-makers in understanding the market’s influencing aspects and major opportunities. SWOT analysis was done to determine the Europe Connected Tires market’s strengths and weaknesses.
Europe Connected Tires Market Overview:
Stellar Market Research’s report on the Europe Connected Tires Market is based on extensive primary and secondary research. The market research Europe Connected Tires Market gives a thorough examination of ever-changing trends, the industrial environment, and all of the market’s key elements. To analyse the data and deliver reliable and error-free results, various approaches are applied.
Europe Connected Tires Market Size was valued at USD 0.24 Million in 2021. The Europe Connected Tires Market size is estimated to grow at a CAGR of 65.5 % over the forecast period.
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Europe Connected Tires Market Dynamics:
Market Drivers: The market is predicted to increase as more current technology in vehicles, such as tire pressure monitoring systems, temperature control systems, and other systems that prevent vehicle breakdowns, are deployed. Furthermore, the growing installation of various sensors in automotive tires, which allows for real-time data analysis for vehicle users, is expected to boost market expansion. Furthermore, leading Tire manufacturers are investing in technological advancements such as B-Tag systems, which monitor and transmit Tire pressure and temperature, as well as intelligence and machine learning in-vehicle Tires such as rim management and tread detection systems, which aid in Tire performance tracking. As a result, the increased adoption of novel features in vehicles is projected to boost market expansion.
Europe Connected Tires Market Regional Analysis
The report has been segmented into many key countries, including market size, CAGR, import and export of Europe Connected Tires market in the different countries mentioned in the report. The regions and their countries studied are:
North America- U.S., Canada, Mexico,
Europe- UK, Germany, France, Spain, Rest of Europe,
Asia Pacific- China, India, Japan, Australia, South Korea, Asian Countries, Rest of APAC,
South America- Brazil
Middle East and Africa.
Europe Connected Tires Market Segmentation:
In terms of rim size, Over the predicted period, the 18″-21″ category is expected to grow significantly. Increased sales of automobiles with rim widths ranging from 18″ to 21″ have supported the segment’s rise. Furthermore, because these wheels are commonly seen in luxury vehicles, segment expansion is being fueled by rising demand for luxury automobiles with greater amenities.
The “greater than 22” industry is predicted to increase at the second-fastest rate between 2021 and 2027. Increased adoption of big rim widths in automobiles is expected to boost segment growth by improving vehicle handling, traction, braking, and other qualities. Furthermore, the market is expected to grow as the development and deployment of linked technologies in automobiles intensifies.
By way of example, During the projection period, the use of connected tires in passenger vehicles is expected to increase. This is due to rising consumer spending power and increased demand for vehicle and human safety as a result of higher road accidents, explicit Tire performance, and Tire service life. This factor, together with growing passenger car registrations and sales around the world, has fueled the expansion of the connected Tire industry. For example, approximately 55 million passenger automobiles were sold in 2016, with 57 million units sold in 2021. The increased use of passenger cars is likely to generate significant growth opportunities for the connected Tire market, which will be supported by macro factors such as the availability of financial services, rising living standards, and improved customer purchasing power.
Europe Connected Tires Market Key Players:
Michlin (France)
Continental AG (Germany)
Bridgestone Corp (Russia)
Nokian Tires (Russia)
Pirelli Tires (Russia)
Victoria (Italy)
Zenises (UK)
Trellborg (Sweden)
Key Questions answered in the Europe Connected Tires Market Report are:
Key offerings:
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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